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Summary The SC on Monday ordered the SBP to establish a commission to probe the written off loans case.
The three-member bench of Supreme Court (SC) headed by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry heard the case. The court order the State Bank of Pakistan (SBP) to submit its reply regarding the appointment of Justice (r) Jamshaid Ali as the head of the probe team. The court ordered the commission to present its report within 90 days. The court observed that foremost, the commission would decide the legal value of Circular No 29.Additional Advocate General KK Agha informed the court that he had sent suggestions and recommendations to the government regarding waive off loans, but it did not respond.Advocate Ali Zafar told the court that the SBP governor had talked with Justice (r) Jamshaid Ali about the supervision of the probe.Earlier, the counsel for the State Bank of Pakistan (SBP) Syed Iqbal Haider submitted, according to the bank’s Circular No 29, loans could be written off under certain conditions.
